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Finally, a cogent discussion of the deal terms and Keystone’s inability to meet required funding thresholds.
All the tears for Keystone and Indy Eleven, but they had financing issues and were likely going to be far back in line to gain an MLS team on the current path.
A stadium where the heliport is would bring a much needed change to that section of downtown. Looks like some of the individual stakeholders are going to make that transition difficult.
The heliport is a terrible site and does nothing for improving the property tax basis of the area around it, like the Diamond Chain site would do. The city’s taxpayers would do better with it on Diamond Chain.
The Diamond Chain site is and always will be the BEST location for this stadium (if it gets built).
Have the parking garages owned by the Capital Improvement Board.
Keystone Group had great ambition but used the emotions of the Indy Eleven fan base to slightly deceive them of the reality at hand. Keystone Group knew they couldn’t complete Eleven Park as rendered and thought by breaking ground and moving some dirt around that other investors with BIG pockets would want to join in once they saw activity and movement going on the site. Unfortunately this was all smoking mirrors and the city went over the financial records and discovered this wasn’t a good deal for the city and tax payers. I believe Keystone wanted to use the site as a bargaining chip for Ozdemir to use as leverage to gain access as a partner in MLS ownership. I would say that the diamond chain site is the more attractive site but I think the entire way Ozdemir somewhat decieved the city has left a bad taste in the mouth of the Hogsett administration. I doubt the city would want to negotiate to buy back the site but city council and the economic development board might make it a suggestion. The land is already cleared and you wont have to spend to tear down the heliport ect. It would seem to be cheaper to just buy back the site from Ozdemir because it’s shovel ready. Then there’s the fans. We all know that the ones who signs the checks will make the final decision in the end. I just want to see something amazing and transformative finally be built in Indy and Eleven Park was something that I think most people would have been proud of. Just driving by the site and seeing the renderings canvased around the metal fencing sort of brought pride to residents to see the heavy machinery at work. Sort of the same thing happened with Ambrose ambitious development for the GM Stamping plant that fell through. Why can cities like Nashville and Austin get major project like this done but Indy can’t? It’s starting to test the pride of the city. Even Milwaukee is expanding its convention and just built The Contour downtown. Lets not mention the tallest skyscraper supposed to be built in OKC!
A reminder that Indianapolis is also in the midst of expanding its convention center.
I’d like to see this project get done too, but it seems quite clear that the Keystone Group is only going to get this project done if they can get their friends at the Statehouse to give them lots of state money because the city of Indianapolis doesn’t think it’s a great idea to give them city money. Fortunately for Ozdemir, we have a proven track record in Indiana of overruling what cities think are best, so let’s see what happens the next few months.
Nashville and Austin are in the tier of cities just above Indy’s. People need to realize this. Those are not peer cities for Indy.
I admit i know little about the back story. However I feel the city had the greater responsibility to clearly think through and contract its intentions for our city.
Lately, our city’s soldiers, powerful or not, continue to make these development mistakes as they walk down the path of our city’s growth.
The pompous mayor should only have had an ‘announcement’ IF his undercover meeting in NY provided a definitive YES from MLS. Secondly, and more importantly, making a pitch to MLS with so many unsettled issues here was beyond naive and arrogant. If Hogsett needed to make an ‘announcement’ it appropriately would have been updating the status of Keystone’s relationship in going forward. Nothing more. One doesn’t normally divulge the preliminary results of high level meetings until something substantial had been agreed upon. Hogsett’s actions aren’t unlike a 16-17 year old kid getting a tentative ‘ok’ from a popular girl at school for the prom but ‘only’ if her actual boyfriend’s parents decide not to move, that he provide a new luxury car to the dance, buy her a $1000 dress for the event, buy, not rent a $500 tuxedo, get his acne cleared up and teeth fixed, while arranging for dinner at the swankiest place in town. Then, then…..MAYBE she’d consider.
Or, hear me out, MLS has been talking to Glick (repping a viable ownership group) for some time, MLS approved the financial viability, and then tagged in Hogsett to let him know there was a group that passed checkpoint 1 (when XI have never done that). I’m not terribly ignorant, I know the sparring between the city and Keystone. So, yes, Joe wasn’t sad about leaving XI behind for now.
No one is mentioning that the buried Greenlawn Cemetery is a big factor for the Diamond Chain site. Current state law is relatively strict in its provisions for digging up/developing old cemetery land, and it would significantly impact the cost and development timeline.
What no one is divulging, if Hogsett was uncomfortable with Keystone’s inability to handle this solo, and supposedly having lined up a separate investor group, why weren’t these potential principals brought together in order to combine resources before making a ‘half baked’ pitch?
The ONLY actual obstacle would have been Keystone not agreeing to being a ‘partner’ in the enterprise. All this shows MLS is that from an administrative and financial standpoint Indianapolis isn’t ready. If this were a poker hand Keystone and Hogsett would be writing IOU’s on their way out the door.
Seethe boy
Is an MLS new team entrance fee really $500M? If so, don’t see the local Indy 11 ownership being able to swing that, but would want to know who truly has the deep pockets to do so if this is a real opportunity? I’m for continuing to grow downtown Indy, and soccer is a growing sport in terms of popularity. But we need to have a solid structure and plan as I don’t think Indy can do a repeat of building the Hoosier Dome and then hoping a team will follow like the Colts did then. Different time/era. We shall see.
It’s probably higher by now and more likely by the time we would ever get in.
“Major League Soccer has awarded an expansion franchise to San Diego, the league announced Thursday, after the ownership group paid a staggering $500 million fee to start a club in Southern California.” This was in 2023 they will begin play in 2025.
San Diego FC is going to utilize a stadium on San Diego State University.
The MLS is not going to be caught in the middle of a dispute between Indy 11 and City of Indianapolis. So until such time as this is resolved, this proposal is not moving forward for MLS in Indy.